Before Setting Up A Business Read This First!
What are our entrepreneur’s top tips for anyone looking to fly solo and set up on their own?
Before you quit the day job, here are some of the considerations to take on board.
- CAN YOU PAY THE BILLS ON TIME?
Basically, firstly and foremost, ask yourself this, can you even afford to pay all the bills and still eat?
Before you can begin to think about having your own business, you need to be able to look after yourself and if you have one, your family.
Is it possible that you may need to retain the day job and fit your start up idea around it, at least in the short term, until the money starts to roll in?
- ARE YOU MENTALLY PREPARED FOR THIS?
It is not just your finances that have to be prepared to take a hit. It is your personal life and that of your family or partner.
Have you got the support of a partner behind you? Are they happy about your new venture, or more concerned they will never see you again and that their boyfriend/wife/ dad has been replaced by a burnt-out husk.
You need to set clear boundaries about when you are at work and when you need to stop. For your own sanity and that of everyone else around you. All the same, working for yourself is a huge commitment and most people do not realize just how much harder you will be working, than you ever did for a boss.
- MAKE SURE YOU HAVE SOMETHING TO SELL
Sounds kind of obvious when you say it like that, but what exactly has your business got that your competitors lack? It isn’t enough just to do the same, only a little cheaper or in poorer quality.
You need something that sets you apart from the opposition. Whatever it is that your service offers, it needs to do something a bit differently or a lot better to stay ahead of the competition. Unless you are absolutely sure there is no competition!
- RESEARCH AND PLAN CAREFULLY
Before doing anything, you need to do your research. About absolutely everything, your costs, your overheads, how your business will operate… what you do if you don’t get paid or something goes wrong. You need to think about every eventuality and then plan for it.
- DO YOUR OWN MARKETING ON SOCIAL MEDIA
As you are new and don’t have lots of money, cut out the middle man and do your own PR via Facebook and other social media outlets. This costs nothing and can be a highly effective tool.